El Salvador President Nayib Bukele first declared his government’s plans to develop an oceanside “Bitcoin City” at the base of a volcano several months ago.
Bukele utilized a gathering of Bitcoin aficionados to promote his initiative, similar to how he used a video message at a Bitcoin conference in Miami last year to announce that El Salvador will be the first country to make the cryptocurrency official tender.
Today, he took to Twitter to reveals layout of Bitcoin City for the first time, including landmarks and an airport. This news comes after Bitcoin hits its lowest level of $30,000 since July last year, and El Salvador’s purchase of 500 Bitcoins amidst the massive dip. El Salvador has been buying Bitcoin since its price began to tumble from all-time highs in 2021, putting the country’s crypto holdings in jeopardy.
Nayib Bukele has previously stated that he aims to keep the city financially afloat by using the cryptocurrency’s surplus income. Bitcoin, in particular.
El Salvador will offer $1 billion in tokenized 10-year notes via Liquid Network via entities like Blockstream to get liquidity. The bonds will pay 6.5 percent annual interest and will create a dividend after five years when half of the entire capital is sold. In other words, it’s a crowdlending mechanism based on the belief that the BTC would continue to rise.
The Bitcoin City is expected to be located near Conchagua, a municipality in La Unión. The only information we have on the project so far comes from several graphic representations of a circular metropolis at the heart of the Conchagua volcano. The sort of urban landscape, city services, land distribution, and urban administration system have not been disclosed.
Bitcoin City will be constructed with the goal of attracting international investment. Residential neighborhoods, malls, eateries, and a port, according to Bukele. Digital education, technology, and sustainable public transit were all mentioned by the president.
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Jai Hamid
CoinCu News
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